Partial refunds: A British High Court judge on Friday...

June 12, 1992

Partial refunds: A British High Court judge on Friday approved a plan that would give creditors of the Bank of Credit and Commerce International at least 30 percent of their money back. The deal, which has been backed by the government of Abu Dhabi, a major owner of the bank, was described as ``the best option`` by Judge Donald Nicholls, even though it was opposed by a 7-1 majority of the bank`s credit committee. Investigators said BCCI management loaned billions to associates and insiders with little or no collateral backing the loans. Losses are estimated in the billions. A spokesman fo some of the bank`s creditors and the judge`s decision would likely be appealed.